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Boomer couples aren't talking about retirement
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Couples should -- but aren't, accorind go a survey -- talk about
retirement planning.
Retirement can be a time of change and opportunity for couples, but it looks like most couples aren't on the same page when it comes to retirement decisions and planning.
"... husbands and wives have done little to improve their communication, planning and management of retirement finances," Fidelity Investments said in a prepared release about its second Couples Retirement Study.
Fidelity said it conducted the research with just over 500 married couples, comprising Baby Boomers and older pre-retirees, born between the years of 1937 and 1964.
Here are some of the key findings:
- 38 percent of couples jointly discuss investment decisions for retirement savings;
- 44 percent don't agree on whether they will work in retirement;
- 42 percent have different ideas regarding their expected lifestyle in retirement;
- 60 percent don't agree on the age at which each intends to retire.
"Many couples told us that they have fewer assets, will need to delay retirement and work longer, and are worried about the impact of inflation and rising healthcare costs on their retirement savings, yet they aren't talking, planning or managing their finances jointly to address these very important issues," Kathleen A. Murphy, president, Personal Investing, Fidelity Investments, said in a statement.
There was some consensus among couples about the factors that could have an impact on their retirement.
Health care was No. 1 at 57 percent, followed by inflation's impact on their savings and by potential Social Security reductions.
Health care and the entitlements contained within Social Security are on the table for discussion and possible reform by the Congress and the administration of President Barack Obama.
Fidelity video on the study:
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